JOURNAL OF ECONOMICS AND BUSINESS最新文献

CentralBank-BERT: Machine learning evidence on central bank digital currency discourse 中央银行- bert：中央银行数字货币话语的机器学习证据

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-03-01 Epub Date: 2026-03-13 DOI: 10.1016/j.jeconbus.2026.106300

Muhammad Bilal Zafar

{"title":"CentralBank-BERT: Machine learning evidence on central bank digital currency discourse","authors":"Muhammad Bilal Zafar","doi":"10.1016/j.jeconbus.2026.106300","DOIUrl":"10.1016/j.jeconbus.2026.106300","url":null,"abstract":"<div><div>This paper quantifies CBDC communication in BIS-posted speeches using a domain-adapted BERT architecture. From 19,609 speeches, 5376 CBDC sentences are identified in 588 speeches delivered by 157 authors across 57 countries, spanning 2016–2024. Sentence-level classifiers assign labels for Type (Retail, Wholesale, General/Unspecified), Stance (Pro, Wait-and-See, Anti), Sentiment (positive, neutral, negative), and Discourse (Feature, Risk-Benefit, Process). Comparable indicators, dispersion metrics (entropy, HHI), and cross-task dependence (Cramér’s V, mutual information) are constructed. Three facts emerge: (i) communication is retail-oriented and procedural. Retail is the modal type and Process the modal discourse, consistent with rulebooks, intermediated distribution, holding limits, privacy models, and offline use; (ii) tone is predominantly neutral while stance is supportive or cautious, with tight stance–sentiment alignment; (iii) activity surges from 2020, peaks in 2022, and remains elevated, reflecting a compositional pivot toward retail design and program management rather than a simple scale-up of generic statements. Geography is concentrated in the Eurosystem, with meaningful contributions from the US, UK, and Asia-Pacific. Methodologically, a reusable, replication-grade measurement layer for policy communication is provided. Substantively, the evidence indicates a shift in official narratives from whether to how, consistent with managed institutional experimentation that advances operational readiness while preserving policy flexibility.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"139 ","pages":"Article 106300"},"PeriodicalIF":3.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147826809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of strict regulation and supervision on OECD bank instability and the role of financial soundness 严格的监管和监督对经合组织银行不稳定的影响和金融稳健的作用

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-03-01 Epub Date: 2026-02-20 DOI: 10.1016/j.jeconbus.2026.106299

Chris Magnis

{"title":"The impact of strict regulation and supervision on OECD bank instability and the role of financial soundness","authors":"Chris Magnis","doi":"10.1016/j.jeconbus.2026.106299","DOIUrl":"10.1016/j.jeconbus.2026.106299","url":null,"abstract":"<div><div>This study examines the impact of banks' financial soundness on their financial instability, in light of the tightness of regulatory and supervisory frameworks. Using a comprehensive sample of banks from OECD countries over the period 2005–2023, I provide empirical evidence demonstrating that greater financial strength is associated with lower volatility, while strict regulation and robust supervisory protocols enhance the stability of the banking sector. It is also noteworthy that the square specifications reveal non-monotonic threshold effects. More specifically, capital regulation and monitoring show an inverted U-relationship with bank volatility, while activity constraints and supervisory authority are U-shaped, indicating that excessive intervention mechanisms are likely to lead to counterproductive outcomes. The interplay between financial soundness and regulatory and supervisory strictness suggests that sound banks depict greater stability benefits from tight supervision, while less sound banks may experience enhanced instability. The findings are resistant to alternative measures of bank instability (Z-score, volatility of stock returns, and NPL ratio), COVID-19 period exclusion, and endogenous diagnostics tests (GMM and 2SLS). The results have direct implications for the calibration of macroprudential policy.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"139 ","pages":"Article 106299"},"PeriodicalIF":3.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147826812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Production over protection: How tax incentives reshape firms’ investment and emissions 生产重于保护：税收激励如何重塑企业投资和排放

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-03-01 Epub Date: 2026-02-13 DOI: 10.1016/j.jeconbus.2026.106297

Xiaodong Zhang

{"title":"Production over protection: How tax incentives reshape firms’ investment and emissions","authors":"Xiaodong Zhang","doi":"10.1016/j.jeconbus.2026.106297","DOIUrl":"10.1016/j.jeconbus.2026.106297","url":null,"abstract":"<div><div>This paper investigates the unintended environmental consequences of non-environmental tax incentives by examining China’s 2004 value-added tax (VAT) reform. The policy reduces the cost of fixed asset investment for firms, encouraging capital expansion. Using firm-level panel data from 2000 to 2006 and a difference-in-differences (DID) approach, we find that the reform increases firms’ fixed asset ratio by 5.4 % and sulfur dioxide (SO<sub>2</sub>) emission intensity by 13 %. While firms expand production capacity, they neglect environmental protection: abatement equipment intensity falls by 17.6 %, and SO<sub>2</sub> removal efficiency declines by 8 %. The negative environmental impact is more pronounced among financially constrained firms and in cities with higher levels of government intervention as well as following mayoral turnover. Robustness checks using propensity score matching (PSM) and triple-difference (DDD) models confirm our findings. This study contributes to the literature by revealing that tax incentives, even when unrelated to the environment, can adversely affect firms’ environmental performance by shifting investment priorities.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"139 ","pages":"Article 106297"},"PeriodicalIF":3.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147826813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The legal system in the nexus between ESG and banking risk ESG与银行风险关系中的法律体系

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-03-01 Epub Date: 2026-02-21 DOI: 10.1016/j.jeconbus.2026.106298

Sana Ben Abdallah , Dhafer Saidane , Amaury Goguel

{"title":"The legal system in the nexus between ESG and banking risk","authors":"Sana Ben Abdallah , Dhafer Saidane , Amaury Goguel","doi":"10.1016/j.jeconbus.2026.106298","DOIUrl":"10.1016/j.jeconbus.2026.106298","url":null,"abstract":"<div><div>The article examines the implications of the legal context in the relationship between ESG and the financial risk of 461 banks operating in common-law economies and 120 banks operating in civil-law economies between 2010 and 2024. Using a system-generalized method of moments (GMM), the results show that ESG performance and its components each impact bank stability differently across financial systems. In common-law (market-based) economies, environmental initiatives reduce stability and market value, while governance and social efforts have mixed effects. In civil-law (bank-based) economies, ESG—especially environmental and governance practices—enhances stability and reduces credit and liquidity risks. These results suggest that ESG integration has a stronger and more direct impact on financial performance in bank-based systems compared to market-based systems. Because ESG affects bank stability differently in common‑law and civil‑law systems, regulators should tailor sustainable‑finance rules to their legal context: in civil‑law (bank‑based) systems, policies can confidently strengthen mandatory ESG integration to reduce credit and liquidity risks, whereas in common‑law (market‑based) systems, policymakers should focus on incentivizing governance and social practices while designing environmental requirements carefully to avoid short‑term destabilizing effects.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"139 ","pages":"Article 106298"},"PeriodicalIF":3.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147826814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Institutional quality effects on bank ESG performance: A European outlook 机构质量对银行ESG绩效的影响：欧洲展望

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-03-01 Epub Date: 2026-03-21 DOI: 10.1016/j.jeconbus.2026.106301

Valerio Pesic , Federico Tsipas

{"title":"Institutional quality effects on bank ESG performance: A European outlook","authors":"Valerio Pesic , Federico Tsipas","doi":"10.1016/j.jeconbus.2026.106301","DOIUrl":"10.1016/j.jeconbus.2026.106301","url":null,"abstract":"<div><div>While numerous studies have examined the influence of bank-specific variables on ESG performance, the role of country-specific institutional factors has received comparatively little attention. Drawing on legitimacy theory, this study examines how government effectiveness, political stability, and regulatory quality shape the ESG performance of 71 European banks across 20 countries from 2010 to 2023. Using fixed-effects panel regression with robust clustered standard errors, we find that banks in weaker institutional environments exhibit higher ESG performance, consistent with the use of ESG as a legitimacy-enhancing mechanism. This result holds under a range of robustness checks and after addressing potential endogeneity concerns. When disaggregating ESG into its three pillars, we observe a similar effect for the environmental and social dimensions, while the governance pillar shows no significant relationship with institutional quality. By uncovering ESG’s role as a substitute for institutional credibility, this study offers critical insights for regulators aiming to ensure ESG practices remain substantive rather than symbolic.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"139 ","pages":"Article 106301"},"PeriodicalIF":3.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147826815","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Gender representation in Indian corporate reports: A textual analytics approach 印度公司报告中的性别代表性：文本分析方法

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-01-01 Epub Date: 2025-09-12 DOI: 10.1016/j.jeconbus.2025.106271

Rudra P. Pradhan , SMRK Samarakoon , SMNN Sarathkumara

引用次数: 0

Lakes and deserts: Understanding bank presence in Brazil 湖泊和沙漠：了解巴西的银行存在

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-01-01 Epub Date: 2025-08-08 DOI: 10.1016/j.jeconbus.2025.106260

Ana Abras , Bennett Bullock , Joyce Maia , Bruno de Paula Rocha

引用次数: 0

Unveiling the impact of sustainability reporting on banking performance: Role of country-specific determinants 揭示可持续发展报告对银行绩效的影响：具体国家决定因素的作用

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-01-01 Epub Date: 2025-05-24 DOI: 10.1016/j.jeconbus.2025.106246

Mayank Gupta

引用次数: 0

Post-bankruptcy performance: A systematic literature review on the performance of U.S. firms after emerging from Chapter 11 bankruptcy 破产后的表现：对美国公司从破产法第11章中复苏后表现的系统文献回顾

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-01-01 Epub Date: 2025-12-18 DOI: 10.1016/j.jeconbus.2025.106290

Wolfgang Breuer, Simon Haas, Katharina Mersmann

{"title":"Post-bankruptcy performance: A systematic literature review on the performance of U.S. firms after emerging from Chapter 11 bankruptcy","authors":"Wolfgang Breuer, Simon Haas, Katharina Mersmann","doi":"10.1016/j.jeconbus.2025.106290","DOIUrl":"10.1016/j.jeconbus.2025.106290","url":null,"abstract":"<div><div>The Chapter 11 process enables bankrupt firms to reorganize their business to return to profitability. This paper critically evaluates the literature on post-bankruptcy performance of U.S. firms that have emerged from Chapter 11. Analyzing 25 studies, we provide a comprehensive overview of the various post-bankruptcy performance metrics, the influencing factors, and the research methodologies. Post-bankruptcy performance varies significantly across firms, with average refiling rates in these studies between 7 % and 39.3 % decreasing over time, financial performance remaining below industry benchmarks, but stock market performance frequently meeting or exceeding market expectations. Key success factors include firm size, leverage re-duction, industry conditions, and investor involvement, while factors such as CEO turnover and bankruptcy duration show mixed effects. Several research gaps remain, particularly regarding corporate governance, the effects of legal reforms, the use of modern analytical techniques such as machine learning, and potential interacting effects.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"138 ","pages":"Article 106290"},"PeriodicalIF":3.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146116594","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of industrial land reform on corporate innovation input: Evidence from a natural experiment in China 工业用地改革对企业创新投入的影响：来自中国自然实验的证据

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-01-01 Epub Date: 2025-11-28 DOI: 10.1016/j.jeconbus.2025.106289

Lin Zhu , Wenjiao Zang

{"title":"The impact of industrial land reform on corporate innovation input: Evidence from a natural experiment in China","authors":"Lin Zhu , Wenjiao Zang","doi":"10.1016/j.jeconbus.2025.106289","DOIUrl":"10.1016/j.jeconbus.2025.106289","url":null,"abstract":"<div><div>This paper investigates the impact of industrial land reform on corporate innovation input. To establish causality, we utilize China’s industrial land reform as an exogenous shock to land use efficiency. Using a difference-in-differences approach, we find that the reform significantly facilitates corporate innovation input. Mechanism analyses reveal two primary channels driving this effect: an increase in internal capital through higher average yield per acre and a greater willingness to innovate due to intensified market competition. Further tests show that the positive relationship between industrial land reform and corporate innovation input is more pronounced in regions with a government land supervision agency, higher levels of land misallocation, and among non-high-tech firms. Additionally, the reform enhances the quantity, quality, and efficiency of innovation outputs. The main results hold for various tests, including parallel trend tests, alternative measures, robust checks with an alternative regression model, and the exclusion of other policies. Taken together, our findings provide insights into the micro-level effects of market-oriented land reforms and the determinants shaping corporate innovation.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"138 ","pages":"Article 106289"},"PeriodicalIF":3.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146116595","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0